(Yicai Global) Jan. 3 -- Chinese carmaker Geely Holding Group aims to launch its first flying car in the US next year through unit Terrafugia and has already started accepting pre-orders.

Terrafugia has already successfully tested several prototype models and the Massachusetts-based firm aims to debut the world's first vertical take-off and landing flying car in 2023. A timeframe for a China launch is still in the works.

The two-seater model named Transition uses a folding wing to switch between ground driving and air flight modes in less than one minute. A four-cylinder turbocharged petrol engine provides a 640-kilometer range and a top speed of 160 kilometers per hour. The vehicle requires a take-off distance of 425 meters.

Geely aims to achieve annual sales of 3 million vehicles by 2020, with its brands including Volvo Cars, Geely, Lynk & Co, Proton, Lotus and Terrafugia, the report added.